The UK housing market is showing signs of resilience, as August saw the fastest pace of annual house price growth since December 20221.
The UK housing market is showing signs of resilience, as August saw the fastest pace of annual house price growth since December 20221.
Even though house prices fell by 0.2% month-on-month in August, yearly growth was 2.4%. This is still about 3% lower than the record highs seen in the summer of 2022, however the improvement on last year suggests that the market is recovering.
Nationwide’s Chief Economist, Robert Gardner, commented, “Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.”
Your home may be repossessed if you do not keep up repayments on your mortgage
1 Nationwide, 2024
